Nearly 200,000 households are at risk of breaching their home loans
www.abc.net.au
Close to 200,000 households are either already breaching their mortgage contracts, or risk doing so, as the surging cost of home insurance forces many to dump their policies.

In short:

Close to 200,000 households are either already breaching their mortgage contracts, or risk doing so, as the surging cost of home insurance forces many to dump their policies.

The insurance industry says price rises are out of their control due to factors including rising house prices and inflation as well as extreme weather.

What’s next?

Financial counsellors are calling for the government to regulate pricing in the sector.

  • Hanrahan@slrpnk.netEnglish
    52·
    12 days ago

    Financial counsellors are calling for the government to regulate pricing in the sector.

    Lets hope not, moving the cost of insurance to the tax payer is a stupid idea. If houses are uninsurable then sure government step in and help with managed abandonment (after all, they zoned the area for housing) but they’re uninsurable for a reason) but if they don’t it will get

    We already have Government stupidly underwriting flood insurance in Northern Australia after insurers pulled out and said it’s uninsurable. All that dieis is encourage more development ffs.

    Nothing can fix this aside from a massive reduction in emissons and managed abandonment of the uninsurable places, as that’s off the table, kicking the can down the road is all that’s left i guess.

    Really Northern Australia from about a lone if latitude driwn through Gympie north should be abandoned, it will eventually be anyway as it becomes even more unlivable as the decades roll on.

    As for C.O.L, good, decent public transport and a bicycle address much of that, don’t need a car and the massive expense involved. Medium density housing is possible , with better closer services etc.

    • TaleyaEnglish
      2·
      11 days ago

      Uh. No.

      It’s not “houses are uninsurable”, it’s straight up price gouging from the companies. Our insurer attempted to hike us a chunk for “reasons” despite the fact we are not in a bushfire, not in a flood, not in any risk zone. But because they could. We told them to fuck off and swapped companies.

      don’t make this about climate catastrophe, this is capitalism.

    • 𝚝𝚛𝚔English
      21·
      11 days ago

      We already have Government stupidly underwriting flood insurance in Northern Australia after insurers pulled out and said it’s uninsurable. All that dieis is encourage more development ffs.

      I hate this so much. If insurance companies won’t insure a property at any price that’s a pretty damn good indication it’s going to get destroyed.

      IMO the only option at that point is to buy back the land and use it as green space. Otherwise we’re just using taxpayer money to fund people living in swamps.

      Also density in liveable areas needs to massively increase. Build up, stupid!